GOODYEAR TIRE & RUBBER CO /OH/

Goodyear Tire & Rubber Company announced that Christina L. Zamarro will step down as Executive Vice President and Chief Financial Officer, effective June 30, 2026, to pursue another opportunity. Her departure is not related to the company's financial performance or any disagreements. Scott M. Deakin has been appointed as Interim Executive Vice President and CFO, effective July 1, 2026, while the company conducts a search for a permanent successor. Mr. Deakin brings over 25 years of financial and operational experience, including his recent role as CFO at Gypsum Management & Supply, Inc.

Goodyear announced the pricing of $1.05 billion aggregate principal amount of 8.875% Senior Notes due 2032. The offering is expected to close on June 4, 2026. The company intends to use the net proceeds primarily to repay its outstanding 4.875% Senior Notes due 2027 and 7.625% Senior Notes due 2027, with any remainder for general corporate purposes.

Goodyear reported a net loss of $249 million, or $0.86 per share, for the first quarter of 2026, a significant decline from a net income of $115 million in the prior year. Net sales decreased by 8.7% to $3.88 billion. The company initiated new rationalization plans in EMEA, global SAG, and Americas, expecting total charges of approximately $123-$133 million. Additionally, Goodyear expects a $60 million refund from IEEPA tariffs and is challenging an IRS proposed adjustment of $1.5 billion related to an intercompany IP sale.

Goodyear Tire & Rubber Company announced its first quarter 2026 results, reporting a net loss of $249 million, or $0.86 per share, on net sales of $3.9 billion. This compares to a net income of $115 million in the prior year. The company's adjusted net loss was $112 million, or $0.39 per share, reflecting a challenging environment with weak consumer industry demand and higher raw material costs. Despite these headwinds, the Goodyear Forward program delivered $107 million in benefits, and results in EMEA and Asia Pacific strengthened.